Marketing+samples

Question 1

Random sampling-

Answer 1

The sample(group or one person) gets picked randomly, there is no bias, saves time in picking the sampling group, this Amy not reflect the chosen group that the product is for though

Question 2

Quota sampling-

Answer 2

This is when the sampling group gets chosen for specific criteria, like age or gender, this takes longer but the results you get are more accurate and relevant.

Question 3

What is branding?

Answer 3

A symbol, name, design or feature given to a product that sets it apart from rival products

Branding aims to create a distinctive image in the minds of customers.

Question 4

What are the advantages of branding?

Answer 4

• Often associated with higher quality
• Makes the product easy to recognize
• Easier to introduce new products
• Can establish brand loyalty

A strong brand can lead to customer trust and repeat purchases.

Question 5

What are the disadvantages of branding?

Answer 5

• A poor brand can decrease the reputation for the whole brand
• Can be easily copied or have cheaper fakes produced
• Expensive to create and takes time to build up

Brand management is crucial to maintain a positive image.

Question 6

What is a product portfolio?

Answer 6

The range of different products a business sells

A product portfolio allows businesses to cater to different market segments.

Question 7

What are the two types of product portfolios?

Answer 7

• Product line portfolio
• Diversified product portfolio

Each type serves different strategic purposes.

Question 8

What is a product line portfolio?

Answer 8

Involves having a variety of similar products on sale

Success of one product can lead to ‘spin-off’ products.

Question 9

What is a diversified product portfolio?

Answer 9

Involves having products for sale across completely different market segments

This approach spreads risk in case one product fails.

Question 10

List advantages of selling a range of products

Answer 10

• Increased profits
• Brand awareness will increase
• Easier to launch new products
• Allows spreading risk
• Can cope easier with seasonal fluctuations
• Meets the needs of different market segments
• New products can replace those at the end of their product life cycle
• Enhances the status of the business

A diverse range can stabilize income and market presence.

Question 11

List disadvantages of selling a range of products

Answer 11

• Higher advertising costs
• High research and development costs
• Problems with one product can affect the whole portfolio

Managing a diverse portfolio requires significant resources.

Question 12

What are the 7 Ps of the extended marketing mix?

Answer 12

Product, Price, Place, Promotion, People, Process, Physical evidence

These elements work together to enhance the marketing strategy.

Question 13

What is the Boston Matrix?

Answer 13

A method used to analyze a product portfolio based on market share and market growth

It helps businesses focus resources on products that will yield the highest sales and profit.

Question 14

What are the four types of products identified in the Boston Matrix?

Answer 14

• Cash cows
• Stars
• Question marks/problem children
• Dogs

Each type has different strategies for management and investment.

Question 15

What are cash cows in the product lifecycle?

Answer 15

Products at the mature stage needing little investment; profits can be ‘milked’

They are crucial for generating cash flow for investment in other products.

Question 16

What are stars in the product lifecycle?

Answer 16

Products in the growth stage needing heavy investment to maintain growth

Stars can eventually become cash cows if managed well.

Question 17

What are question marks/problem children in the product lifecycle?

Answer 17

Products at the introduction stage needing substantial investment to grow market share

Decisions must be made on whether to continue investment.

Question 18

What are dogs in the product lifecycle?

Answer 18

Products in the decline stage that are no longer worth investing in

They may only break even or make a small profit before withdrawal.

Question 19

What is a major problem with the Boston Matrix?

Answer 19

It is only a snapshot of the current position and cannot predict future performance

This limitation can lead to misguided strategic decisions.

Question 20

Fill in the blank: The _______ is a method used to analyze a product portfolio.

Answer 20

[Boston Matrix]

Question 21

True or False: A diversified product portfolio involves selling products across completely different market segments.

Answer 21

True

Question 22

Explain the impact on a product’s profit as it moves through the various stages of its product life cycle.

Answer 22

Profit typically increases during the growth stage, stabilizes in maturity, and declines in the decline stage

Understanding this cycle is crucial for effective product management.

Question 23

Describe the costs and benefits to an organization of having a varied product portfolio.

Answer 23

Benefits include increased profits and brand awareness; costs involve higher advertising and R&D expenses

A balanced approach is necessary to maximize advantages while minimizing costs.